Finance
Schwab Revenue Tops Estimates Following Last Year’s Tumult
- Brokerage plans to resume opportunistic stock repurchases
- Net new assets total $88.2 billion, down 41% from year ago
A Charles Schwab office building in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Charles Schwab Corp.’s first-quarter net revenue topped estimates as the retail brokerage tries to put 2023’s turbulence behind it.
The Westlake, Texas-based firm reported $4.74 billion in net revenue for the three months though March, down 7.3% from a year earlier but topping analysts’ estimates of $4.71 billion. Schwab expects its net interest margin to expand through 2024 and approach 3% before the end of next year as the firm prioritizes paying down costlier debt, according to a company presentation.